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Best practices for KYC/AML

Tests
2022-10-06
2 min read

Classifying Compliance Officers: Diplomats, Entrepreneurs, Double Checkers, and More

Six types of compliance officers—which one are you?

Compliance officers are the unsung heroes of any business: they stamp out risks while dealing with thousands of complex tasks, including building compliance infrastructure to reporting and employee training.

Here are six types of compliance officers that you can meet in real life. Find out which is your type!

The diplomat

Some companies can overlook compliance obligations when setting up their onboarding process, opting for procedures that maximize pass rates and therefore profit. This compliance officer carefully persuades top management and the product team of the importance of AML compliance at every level.

The entrepreneur 

AML compliance is essential, but businesses also need to prioritize growth. This compliance officer looks beyond restrictions in AML law and identifies ways to maximize revenue. For instance, in some jurisdictions, user verification is required at the “start of the business relationship.” But various stages of the user journey can be considered as the “start,” including registration, deposit, or a first transaction. This compliance officer would  determine this stage in a way that brings the most revenue to the business—of course, without compromising on compliance.

The double checker

In some jurisdictions, like Germany, compliance officers can face criminal liability if their company breaches AML requirements. Penalties can include fines (up to €1 mln in Germany), license revocation, blocklisting, or imprisonment. This type of compliance officer double, even triple-checks everything  to avoid even the slightest mistakes.

The risk monitor

This compliance officer knows everything about the business’s customers, delivery channels, products and services, and what risks there are to mitigate. They easily protect businesses from any risky relationships, be it individual customers or other companies.

The regulations expert

This compliance officer can stay up for hours reading AML legislation, handbooks, and new regulatory guidelines. They’re also a regular reader of The Sumsuber, which explains why they know everything first.

The tough cookie

This officer makes no compromises on compliance at all, and they’re mission is to make the onboarding process as compliant as possible. And, if top management protests, this compliance officer puts it bluntly: “comply or face million dollar fines, or worse.”

Have you recognized yourself or your colleagues? Share this article on social media and tell us more about the types of compliance officers that you’ve met.

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